March 8, 2021

John Cangialosi Under FINRA Investigation

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FINRA Looking Into Suitability Of Broker John Cangialosi's Investment Recommendations

Soreide Law Group is evaluating whether to file investment disputes against John Sebastion Cangialosi (CRD#: 3273830, New York, New York). This securities broker, who worked for Legend Securities (2013 to 2016), Worden Capital Management (2016 to 2019) and SW Financial (2019 to present), has troubling disclosures on his FINRA BrokerCheck record. This includes two regulatory sanctions, a FINRA investigation, and multiple investor disputes. Notably, Cangialosi allegedly recommended unsuitable investments to his clients. Let’s take a look at some of these disclosures and what you could do if you sustained losses from the securities broker.

FINRA Investigation Focuses On Whether John Cangialosi Made Bad Recommendations To Clients

Reportedly, FINRA – the financial industry watchdog who regulates most securities brokers in the country – investigated John Cangialosi in 2020 for allegedly making unsuitable investment recommendations to clients. In fact, FINRA recommended that Cangialosi face disciplinary action for violating FINRA rules. Supposedly, the main concern lies with Cangialosi’s recommended trading strategy. It is possible that this trading strategy did not comport with his clients’ objectives, goals, risk tolerance or other suitability criteria. This investigation is ongoing as of March 2021.

Legend Client Alleges That Cangialosi Churned Account, Excessively Traded

Evidently, a client of Legend Securities took aim at John Cangialosi through a January 2018 lawsuit. Namely, the client alleged that Cangialosi churned and unsuitably traded the client’s account. It seems that the securities broker potentially excessively traded to make commissions. In addition, the client alleged that the securities broker engaged in unauthorized trading. Moreover, the lawsuit contains allegations of negligence, breach of contract and breach of fiduciary duty. For this reason, Legend Securities opted to pay the client $30,000 in a November 2018 settlement.

Brookstone Securities Client Alleges Unsuitability, Misrepresentation In Dispute About John Cangialosi

In addition, a Brookstone Securities client challenged John Cangialosi’s sales practices in a November 2015 FINRA Arbitration Claim. First of all, the client alleged that Cangialosi engaged in negligent and even deceptive acts. Secondly, the securities broker supposedly breached contractual requirements. Thirdly, the client suggested that the securities broker engaged in excessive and unsuitable trading in their investment account. Finally, he purportedly misrepresented important facts in connection with his stock trades. All in all, Brookstone settled this dispute in 2016 through making a $9,999 payment to the client.
Notably, FINRA BrokerCheck discloses other disputes about John Cangialosi. Those disputes allege breach of fiduciary duty, suitability and excessive commissions. For example, one customer dispute alleging breach of fiduciary duty and breach of contract resulted in a $50,000 payment to the customer in a settlement.

Securities Attorneys At Your ServiceLars Soreide AVVO 2020 Top Lawyer

Wronged by Cangialosi? If so, contact us at (888) 760-6552 and speak with an experienced securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Cangialosi denies all allegations of his sales practice violations.

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